Netflix Commits to 15-Year Carbon Credit Agreement, Aiding Landowners in Transforming Fields into Forests for Environmental Sustainability
Netflix Partners with American Forest Foundation to Boost Rural Conservation Efforts
In a significant move towards sustainable business practices, Netflix has partnered with the American Forest Foundation (AFF) in a 15-year agreement. This collaboration aims to support America's rural communities and family-owned forests, as expressed by John Ringer, Senior Director of Project Finance and Environmental Markets at AFF.
The partnership will primarily focus on the expansion of the Fields & Forests (F&F) project, which targets small-acreage landowners who have historically been excluded from the voluntary carbon market. The F&F project, operated by AFF, partners with family landowners to transition their underused fields into working forests.
Netflix's investment will help launch the first 6,000 acres of the F&F project, with the goal of enrolling 75,000 acres by 2032. This expansion is estimated to produce 4.8 million carbon credits through the Afforestation, Reforestation, and Revegetation (ARR) carbon project.
Netflix has committed to purchasing verified carbon credits from AFF's ARR carbon project. The F&F project pays for and handles all site preparation and tree planting for participating landowners, providing them with ongoing technical support and annual payments throughout their 30-year contracts.
Milestone prepayments are tied to key milestones such as acres enrolled in the F&F project. Netflix has provided critical early-stage financing for F&F through these milestone prepayments, making them a crucial early-stage financier for the project, primarily alongside Netflix, no other companies have been named as critical early-stage financiers in the available information.
Ringer stated that Netflix's partnership demonstrates the potential of business and nature working together. He added that natural climate solutions can be a powerful tool to address conservation challenges when combined with the right investment and science.
This new agreement with Netflix supports AFF's Fields & Forests (F&F) project, which aligns with Netflix's commitment to carbon neutrality by 2022. Ringer expressed gratitude for Netflix's leadership and invited other companies to invest in new approaches that support America's rural communities and family-owned forests.
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